New regions of Russia may be exempted from taxes to the federal budget for 10 years

The Russian government will develop a state programme to modernise and develop infrastructure for the Donetsk and Lugansk people’s republics, as well as Zaporizhzhia and Kherson regions, which have been admitted to the Russian Federation. This was reported by the press service of the Russian Ministry of Economic Development, quoting deputy head Sergei Nazarov as saying.

 

New regions of Russia may be exempted from taxes to the federal budget for 10 years

“The main task when they join the Russian Federation will be to preserve and multiply the huge opportunities available to the new regions. It will be necessary to integrate them into the economic, financial, legal and humanitarian space of the Russian Federation,” said Nazarov.

According to the Deputy Minister, a wide range of tools, including implementation of all available sectoral support mechanisms in Russia in the new regions, will be used to achieve the set objectives. “There will also be a state programme whose main objective will be to modernise and develop infrastructure, including social infrastructure,” he said.

It is reported that the new Russian regions may receive a 10-year income tax exemption for the federal budget.